Singapore legislation
Clause 36
Clause 36
Computation and method of payment of compensation
(1)
The Agency shall compute the amount of compensation due to an insured depositor in respect of his insured deposits placed with a failed Scheme member in accordance with this Act.
(2)
In determining the eligibility and entitlement of an insured depositor to compensation and computing the amount of compensation due to an insured depositor, the Agency is entitled to rely on the books of the failed Scheme member and any other books which, in the opinion of the Agency, are relevant for such computation.
(3)
Subject to subsection (4), the Agency shall pay the compensation in such form and manner as may be specified in the Rules.
(4)
The Authority may make regulations for the purposes of payment of compensation by the Agency.
(5)
Without prejudice to the generality of subsection (4), such regulations may —
specify the person to whom, or the account into which, payment of compensation is to be made for the benefit of an insured depositor who is entitled to compensation under this Act;
provide for the payment of compensation in respect of a depositor holding insured deposits in different accounts; and
provide for the payment of compensation into an equivalent account with another Scheme member and for such compensation to be held in that account in a manner equivalent to the manner of holding of the original insured deposit.